Oil prices that dropped by ten dollars in two days, rebound

17-Jul-08

Oil prices recovered after a ten dollar drop in two days. Prices dropped sharply on a bigger than expected rise in US crude reserves before rising marginally to US$134.83 a barrel. Prices closed on Wednesday at US$134.60, dropping by over four dollars since Tuesday. As per the Energy Information Administration report, crude inventories rose by 3 mln barrels to 296.9 mln barrels in the week ending July 11, confounding market expectations for a decline of 2.2 million barrels.